Majority of German businesses in the Philippines foresee positive outlook in the next 12 months, but also expect significant impact of the Russian invasion of Ukraine on the local economy, according to the latest result of the AHK World Business Outlook survey.
Survey results also showed significant decrease in companies that consider themselves in a bad situation since Spring 2020 at 36 percent. In terms of investments, the survey also depicted a positive investment outlook with 44 percent of respondents anticipate investment developments in the next twelve months, a notable increase from 13 percent two years ago.
However, German businesses said that oil prices pose the biggest risk for a company’s economic development. This crisis further changed companies’ long-term strategies in the international division of labor. It also showed that 42 percent of respondents of the survey see that legislations and trade barriers will increase political influence on supply chains, while 41 percent also expect changes in the risk assessment of locations.